Education Personnel FCU "Takes a Chance" on Loan to New Member

Danville, IL - A new member came to Education Personnel FCU looking for a loan to buy a 5th wheel trailer. He had left his previous housing arrangement and his plan was to park the trailer on his parents’ land and live in it until he could find more permanent housing arrangements. He applied with his father as a co-signer because he knew he didn’t have a credit score and likely wouldn’t qualify on his own. 

As Hope Garrett, the credit union's CEO processed the application, she got to know him better. He seemed like the perfect candidate to “take a chance on.” He was well established in his job with stable income, and had lived his life to that date without a single credit blemish. He simply lived within his means and paid cash for what he wanted or waited until he could!

It so happened that Garrett knew another credit union member who was in the process of selling his late mother’s home, and it was well within the new member’s budget. She asked the new member if he might be interested in buying a house rather than living in a trailer, and he responded that he would, but that he didn’t think he could qualify. Garrett responded that the credit union would be more than willing to do a home loan for him because he was an excellent candidate given his employment stability and long history WITHOUT negative credit issues. He was speechless.

With each member’s permission, the two were put in touch with each other and the rest is history.  The sale/purchase of the house went very smoothly, and both members walked away from the table grateful for the credit union’s help. Three years later the new member has had a total 8 loans, with 0 late payments and now has a credit score over 700! Win-win for everybody!